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Stay informed, stay ahead. "Law Tech Daily" delivers daily insights from yesterday's legal tech news. Discover innovations, transformative changes, and emerging trends reshaping the legal profession. Listen on to stay ahead.
Welcome to Law Tech Daily - the podcast that answers "what happened in legal tech this week?". Join us each Monday, Wednesday, and Friday as we dive into the exciting world of legal tech news. Don't forget to hit that subscribe button to stay up-to-date on the latest episodes!
In today's episode, we'll cover recent funding in the legal tech industry, the Thomson Royturs acquisition of Casetext, the importance of AI in legal practices, the need for nuanced legal tech tools, leveraging AI for efficiency in legal practice, and the ban on docket management tools due to mishandling of sealed documents.
There were several notable developments in the field of legal tech recently. Numerous companies announced fundraisings and new product releases, while important legal rulings and directives were also handed down.
On the fundraising front, London-based startup 11xai secured $2 million in a pre-seed funding round. This company specializes in developing AI workers for sales and HR tasks. In contrast, Thomson Royturs completed its acquisition of Casetext, a legal research and AI company, for a staggering $650 million. Meanwhile, The Contract Network, an AI-powered contract collaboration platform, raised $8 million in seed funding.
In terms of product updates and releases, there were several noteworthy announcements. Agiloft introduced AI Trainer, an innovative tool that allows non-technical legal and corporate professionals to instruct AI models in identifying specific key terms and clauses within their respective industries. Clearbrief unveiled two AI features, while Citrix's ShareFile tailored its secure document storage and sharing solution for legal by incorporating security threat detection alerts. Autologyx upgraded its operations platform Catalyst to integrate advanced document intelligence powered by Zuva.
From a regulatory perspective, a federal appeals court ruled that employers can reduce workers' paid time off (PTO) without breaching the Fair Labor Standards Act (FLSA). This ruling could have significant implications for employment disputes.
Governance and cybersecurity remain hot topics in legal tech, as does the ever-growing impact of AI on legal practices. Many companies are now developing products that bridge these trends. For example, Agiloft's AI Trainer empowers legal and corporate professionals to efficiently train AI models to identify specific terms and clauses within their industry.
These events demonstrate the continued strong interest in legal tech, with ongoing investment and development. However, they also highlight the critical need for these tech tools to possess a robust understanding of the law and its complexities. As the legal tech landscape continues to evolve, making informed and forward-thinking decisions will be crucial for professionals in the industry.
Let's now review the key stories...
Thomson Royturs has successfully completed its acquisition of Casetext, an AI legal research provider, for an impressive $650 million. This development is seen as a significant milestone in the ongoing legal tech narrative of the summer. Steve Hasker, CEO of Thomson Royturs , has emphasized that this move is aimed at foster advancements in generative AI, with the intention of transforming professional practices and boosting productivity within the industry.
For Casetext, joining the Thomson Royturs family presents an opportunity to increase its influence and accelerate its vision of shaping the future of legal professionals through AI. As the legal sector continues to embrace technology, this transition has the potential to create new avenues for innovative strategies that can enhance the accessibility and efficiency of legal research.
This acquisition highlights the growing importance of AI in the legal field and demonstrates Thomson Royturs' commitment to staying at the forefront of technological advancements. With Casetext now under its wing, Thomson Royturs will likely leverage its expertise and resources to further develop and enhance AI-powered solutions for the legal profession.
Overall, the completion of this acquisition sets the stage for exciting possibilities in the realm of legal tech, as both Thomson Royturs and Casetext work together to drive progress and shape the future of the legal industry.
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Moving to our next story...
Law practitioners and various industries are currently facing concerns about the potential impact of AI on their jobs. However, according to Curt Brown, co-founder of Overture Law, now is the opportune time to welcome and embrace this technology rather than fear it. Brown believes that instead of being afraid of AI's ability to generate more efficient outcomes than human lawyers, it should be viewed as a benchmark to strive for. He encourages law practitioners to adopt and utilize technology to enhance their practice and deliver more effective legal services to their clients. In an era where AI is ubiquitous, Brown emphasizes that leveraging AI and improving responsiveness can serve as the legal industry's competitive edge against the perceived threat. Additionally, he points out that referral networks remain an untapped source of revenue opportunities for practitioners. By recognizing and capitalizing on these networks, law practitioners can further optimize their practice and contribute to their financial success.
And now our final story...
A recent order by Chief US District Judge Richard E. Meyers II in North Carolina has introduced potential challenges for law firms utilizing automated docket management tools. The judge's decree mandates attorneys to discontinue the use of services offered by companies such as PacerPro, DocketBird, CourtDrive, and RECAP. The cause for concern stems from the mishandling of documents that require an "under seal" designation, which subsequently become distributed and are then sealed off. This oversight, however, appears to be an error made by a human, potentially a lawyer or clerk, rather than an inherent flaw within these legal technology platforms. This raises significant inquiries regarding the delicate balance between technology-driven efficiencies and the necessity for meticulous manual supervision to prevent such issues. It also suggests that there are still certain loopholes to address in these emerging technologies when applied in the legal realm.
On today's episode, we covered the latest legal tech news, including 11x.ai's funding, Thomson Reuters' acquisition of Casetext, and The Contract Network's fundraising success. We also discussed the importance of AI in legal practices and how employers can reduce workers' PTO. Thanks for listening to today's episode, I'll see you guys at the next one and don't forget to subscribe!